SUPPLEMENTAL LETTER
Exhibit
4.20
SUPPLEMENTAL
LETTER
To:Messrs
Trust Navigation Corp.
x/x
Xxxxxxxx Xxx.
00,
Xxxxx Xxxxxxxxxxxx Xxx.,
Xxxxxxxx,
Xxxxxxxx,
Xxxxxx
30
December 2008
Dear
Sirs
With
reference to a loan agreement dated 29 October 2007 (the “Original Loan Agreement”) made
between (i) TRUST NAVIGATION CORP., being a company incorporated under the laws
of the Republic of Liberia as borrower (hereinafter called the “Borrower”) and (ii) ourselves,
EFG Eurobank Ergasias S.A. being a banking corporation incorporated according to
the laws of Greece as lender (the “Bank”) as same has been
amended and/or supplemented pursuant to a first supplemental agreement dated
29th December 2008 made between the Borrower, Tiger Navigation Corp. of the
Xxxxxxxx Islands (the “Additional Corporate
Guarantor”) and the Bank (the “First Supplemental Agreement”
and together with the Original Loan Agreement, hereinafter called “the Loan Agreement”) in
respect of a loan facility of (originally) US$15,000,000, we hereby confirm that
we waive the application of Clause 7.4 of the Loan Agreement (as same has been
amended pursuant to clause 4.2.8 of First Supplemental Agreement) in relation to
the sale of the m,v xxxxxx X. being of 35,746 tons gross, 23,739 tons net,
currently registered under the flag of the Republic of Liberia with Official
Number 13620 in the name of the Borrower and we hereby agree that in case of
sale of the above mentioned vessel till the 28th February 2009, no prepayment of
the Loan will take place and we furthermore hereby agree Clause 7.4 of the Loan
Agreement to read as follows:
“7.4 Compulsory
Prepayment
Unless
the Bank agrees to accept substitute security in form and substance satisfactory
to the Bank, in line with Clauses 13.5.2 and 13.5.3 hereof, the Borrower shall,
within one hundred eighty (180) days of the Vessel becoming a Total Loss or such
other later day as may be agreed in writing by the Bank, or upon the Vessel
being sold, prepay the Loan together with accrued interest to the date of
prepayment and all other sums payable by the Borrower to the Bank pursuant to
this Agreement and the other Security Documents (and if the Commitment or any
portion thereof has not been drawn yet, it shall be reduced to
zero).”
and to
construe all references in the Loan Agreement to the Vessel” or “a Vessel” or
“the Vessels” as references to the m.v. “TIGER BRIDGE” built in 1990, being of
24495 gross tons and of 10403 net tons currently registered under the Xxxxxxxx
Islands flag in the ownership of the Additional Corporate
Guarantor.
Yours
faithfully
/s/ Xxxxxxxxx-Xxxxxxx
Hydreou
/s/ Xxxx
Xxxxxxxx
for and
on behalf of
EFG
EUROBANK ERGASIAS S.A.
Accepted
and agreed
/s/ Xxxxxxxx
Xxxxxxx
for and
on behalf of
TRUST
NAVIGATION CORP.
Dated
30th
December 2008
COUNTERSIGNED
this 30th day of
December 2008 by each of the following Security Parties, which
by its execution hereof, confirms and acknowledges that it has read and
understood the terms and conditions of this supplemental letter, that it agrees
in all respects to the same and that the Security Documents to which it is a
party shall remain in full force and effect and shall continue to stand as
security for the obligations of the Borrower under the Loan
Agreement.
/s/ Xxxxxxxx
Xxxxxxx
for and
on behalf of
TIGER
NAVIGATION CORP.
/s/ Xxxxxxxx
Xxxxxxx
for and
on behalf of
